One of the top hotels in Dublin is to close down ahead of a major redevelopment of the site.

The former Berkeley Court Hotel, now known as the Clyde Court Hotel, will shut on January 1, and demolition work is likely to begin soon after.

Chartered Land, which bought hotel along with the Ballsbridge Hotel next door, plan to build 190 apartments on the site.

The developer, which is headed by Joe O'Reilly, bought the two hotels earlier this summer for close to €170m. The deal was backed by the Abu Dhabi Investment Authority (ADIA). The site has planning permission for 190 apartments. Assuming construction runs according to schedule, they should be brought to the market in 2017.

Dalata, which operates the Clyde Court Hotel, said it informed its 100 staff of the closure yesterday, however it does not expect any job losses as a result of the move. The company added that suppliers of the Clyde Court Hotel will suffer no loss and will be paid in full.

Chartered Land chief executive Andrew Gunne commented: "This site is unique in the context of its history, location and the quality of the scheme that will be delivered here." Dalata chief Pat McCann said he was "delighted" the Ballsbridge Hotel has been retained for now. The Ballsbridge Hotel, formerly Jurys, will continue to operate until at least the middle of 2018 when a future development phase is slated to commence.

That phase is likely to include additional apartments, a new hotel with a panoramic rooftop restaurant, a boutique retail offering and restaurant uses fronting a new public plaza.

The property is one of the most infamous sites from the Celtic Tiger's "Battle for Ballsbridge".

Bust developer Sean Dunne paid close to €380m for the property in 2005. Mr Dunne had hoped to build a 38-storey tower on the site when he bought the block, but his plans never got off the ground. Ulster Bank ultimately took over the site and is the seller now.

Mr O'Reilly and ADIA took over the site in July. Under the plan, ADIA is financing the purchase, and Chartered Land will manage the site.

Unlike the sale of other hotels in recent months, such as the Westin in central Dublin and the InterContinental Hotel in Ballsbridge, the two hotels were attractive for their redevelopment. It is one of the biggest sites available in Dublin 4. There is existing planning permission for more than 550 apartments across 11 blocks and a 150-bedroom hotel.